Electronic liability register under GST

Posted on 22 April 2023 Category : GST terms

Term electronic liability register under GST

Electronic Liability Register

The details about electronic liability register are explained here.

Electronic Liability Register

The electronic liability register specified under sub-section (7) of section 49 shall be maintained in FORM GST PMT-01 for each person liable to pay tax, interest, penalty, late fee or any other amount on the Common Portal and all amounts payable by him shall be debited to the said register.
The electronic liability register of the person shall be debited by:-
1. the amount payable towards tax, interest, late fee or any other amount payable as per the return furnished by the said person;
2. the amount of tax, interest, penalty or any other amount payable as determined by a proper officer in pursuance of any proceedings under the Act or as ascertained by the said person;
3. the amount of tax and interest payable as a result of mismatch under section 42 or section 43 or section 50; or
4. any amount of interest that may accrue from time to time.
5. Subject to the provisions of section 49, payment of every liability by a registered person as per his return shall be made by debiting the electronic credit ledger maintained as per rule 2 or the electronic cash ledger maintained as per rule 3 and the electronic liability register shall be credited accordingly.
6. The amount deducted under section 51, or the amount collected under section 52, or the amount payable on reverse charge basis, or the amount payable under section 10 any amount payable towards interest, penalty, fee or any other amount under the Act shall be paid by debiting the electronic cash ledger maintained as per rule 3 and the electronic liability register shall be credited accordingly.
7. Any amount of demand debited in the electronic liability register shall stand reduced to the extent of relief given by the appellate authority or Appellate Tribunal or court and the electronic tax liability register shall be credited accordingly.
8. The amount of penalty imposed or liable to be imposed shall stand reduced partly or fully, as the case may be, if the taxable person makes the payment of tax, interest and penalty specified in the show cause notice or demand order and the electronic liability register shall be credited accordingly.
9. A registered person shall, upon noticing any discrepancy in his electronic liability ledger, communicate the same to the officer exercising jurisdiction in the matter, through the Common Portal in FORM GST PMT-04.

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CGST Act Section 33 Amount of tax to be indicated in tax invoice and other documents.

CGST Act Section 34 Credit and debit notes

CGST Act Section 35 Accounts and other records

CGST Act section 36 Period of retention of accounts

CGST Act Section 37 Furnishing details of outward supplies

CGST Act section 38 Furnishing details of inward supplies

CGST Act Section 39 Furnishing of returns

CGST Act section 40 First return

CGST Act section 41 Claim of input tax credit and provisional acceptance thereof

CGST Act Section 42 Matching, reversal and reclaim of input tax credit